Content by Suparna Goswami

Credit Repair Industry Is Driving Synthetic ID Fraud

Suparna Goswami  •  October 3, 2023

The credit repair industry plays a pivotal role in propelling the latest synthetic ID tactics, which are being used to commit multiple types of account fraud. Two experts shared their insights on why fraudsters are more likely to abuse deposit bank accounts than credit cards these days.

Is the Private Sector Prepared for Cyberwarfare?

Suparna Goswami  •  September 20, 2023

The Ukraine war underscores the threats posed by cyberwarfare. India faces its own threats, which means public and private sectors need to work together to defend against nation-state attacks, according to retired Lt. Cdr. Antony KM, vice president of internal audit and cybersecurity at NAB India.

How Can FedNow Recruit More US Banks? Lessons From Brazil

Suparna Goswami  •  September 18, 2023

With only 90 early adopters, Federal Reserve's FedNow program faces the challenge of persuading U.S. banks to sign on to the real-time payments initiative launched in July. Experts say the Fed could learn some lessons from successful efforts in Brazil and India.

A CISO's Guide to Managing AI Supply Chain Risk

Suparna Goswami  •  September 18, 2023

Growing reliance on both AI and generative AI is posing new challenges to CISOs. For example, CISOs have limited visibility into how certain large language models were packaged, making it difficult for them to spot security and privacy risks, said Chandan Pani, CISO at LTIMindtree.

Auto Lending Industry Is New Frontier for Synthetic ID Fraud

Suparna Goswami  •  September 11, 2023

Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.

How Banks Can Address First-Party Lending Fraud

Suparna Goswami  •  September 7, 2023

The lack of an understanding of what constitutes first-party lending fraud is causing massive losses at banks. Anna Bleazard, head of Singapore and South East Asia in financial crime compliance at FTI Consulting, recommends that banks intervene as early as possible.

How AI Is Helping Fintechs Fight Money Laundering

Suparna Goswami  •  August 31, 2023

While the problems of money laundering and mule accounts continue to haunt the financial industry, fintechs are using AI to a large extent to mitigate the problem, said Kawin Boonyapredee, a member of the Cyber Risk Subcommittee for the Singapore FinTech Association.

Navigating the Privacy Landscape Across APAC, EU and US

Suparna Goswami  •  August 28, 2023

While the concept of protecting citizens' privacy through government regulations is growing in popularity in the APAC region, lawmakers must understand the many nuances of similar regulations in the European Union and the United States, according to an expert panel on the privacy regulations.

How AI Can Help Reduce Third-Party Risks

Suparna Goswami  •  August 18, 2023

While consolidating third-party risks into one document is important, it is equally vital to introduce artificial intelligence into various elements of your third-party risk management program, said Jonathan Pineda, CISO and DPO at the Government Service Insurance System in the Philippines.

How the Philippines Manages the Security of Government Banks

Suparna Goswami  •  August 11, 2023

The Philippines follows a shared cyber defense strategy, bringing together government financial institutions with other agencies under the Department of Finance for a cost-effective defense strategy. Land Bank's Archie Tolentino shared how the model works to protect the banking sector.

How AI Is Helping Banks Spot Scammers

Suparna Goswami  •  August 8, 2023

Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.

Business-to-Business Synthetic ID Fraud Is on the Rise

Suparna Goswami  •  August 1, 2023

Synthetic ID fraud has moved beyond business-to-consumers to business-to-business fraud as more bad actors are opening fraudulent commercial accounts at financial institutions, said Dori Buckethal, vice president of risk and fraud solutions at Thomson Reuters.

5G Security: Where Do Companies Miss the Mark?

Suparna Goswami  •  July 27, 2023

Adoption of 5G is growing, but are businesses equipped to handle risks from this network? Two experts - Alex Ooi of Digital Nasional Berhad in Malaysia, and Anand R. Prasad of DNB and Deloitte in Japan - shared the risk factors to take into account and ways the telecom industry can prepare itself.

Will FedNow Truly Rewire the US Payments Landscape?

Suparna Goswami , Rashmi Ramesh  •  July 24, 2023

Now that the long-awaited FedNow faster-payment program is operating, experts debate whether U.S. financial institutions will embrace the payment ecosystem and whether the Federal Reserve and the banking industry can overcome implementation challenges and mitigate cybersecurity and fraud issues.

Federal Reserve's FedNow Goes Live With Fast Payments

Suparna Goswami  •  July 20, 2023

FedNow, the Federal Reserve's first instant payment service, officially launched on Thursday. FedNow so far has 35 banks and credit unions and 16 service providers certified to use the service, including community banks and large lenders such as JPMorgan Chase and Bank of New York Mellon.